Jacobs Asset Management LLC dramatically ramped up its exposure to Allstate Corp. in the first three months of 2023, pushing the insurer to the top of the New York-based hedge fund manager's holdings list.
This article is part of a series on large institutional investors active in the US financial sector. All institutional investment managers active in the US with more than $100 million in investments in Form 13F securities must file quarterly statements detailing their positions.
Big bet on Allstate
Jacobs Asset Management's total first-quarter common stock holdings were $172.3 million, down 14.7% on a quarter-over-quarter basis, according to its most recent Form 13F. At the same time, the company increased its holdings in Allstate's shares 293.3% sequentially to $16.3 million.
A-Mark Precious Metals Inc., the top holding in the previous quarter, slipped to the No. 2 spot as Jacobs Asset Management shed 23.0% of its position in the precious metals trading company. As of March 31, the stake had a market value of $12.0 million.
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Sprott Inc. ranked third on Jacobs Asset Management's top holdings list, followed by Billings, Mont.-based First Interstate BancSystem Inc. The asset manager's stake in Sprott had a market value of $11.0 million as of March 31, and the market value of its stake in First Interstate was $9.7 million.
Jacobs Asset Management bulked up on shares of Dewitt, NY-based Community Bank System Inc. with a 201.9% increase. But after betting big on Buffalo, NY-based M&T Bank Corp. a quarter ago, the asset manager cut its holdings in the bank by 61.9%.
The asset manager exited its positions in 10 banks in the first quarter. The largest was its position in Santa Ana, Calif.-based Banc of California Inc., which had a market value of $6.0 million at Dec. 31, 2022.
Jacobs Asset Management also completely shed its holdings in Waldorf, Md.-based Community Financial Corp., which is in a pending merger with Easton, Md.-based Shore Bancshares Inc.
The combined market value of the exited positions as of the end of the fourth quarter of 2022 was $30.4 million.
Jacobs Asset Management initiated nine stakes worth a combined $23.7 million. Eight of those were in banks.
Two of the entries — a $4.5 million position in mortgage real estate investment trust AGNC Investment Corp. and a $7.5 million stake in Tacoma, Wash.-based Columbia Banking System Inc. — made it to the asset manager's top 20 holdings.
Camp Hill, Pa.-based LINKBANCORP Inc. and Salisbury, Md.-based Partners Bancorp, which are in a pending merger of equals, were also among Jacobs Asset Management's entries.